The Middle East leads global offshore crude, condensate, and natural gas production in 2024

9 October 2020 (Last Updated October 9th, 2020 16:20)

The latest analytical report from Global Data, ‘Global Offshore Upstream Development Outlook, 2020–2024’ suggests that in 2024, key offshore projects across the globe are expected to contribute about 26.6 million barrels of oil per day (mmbd) of global crude and condensate production and about 133.2 billion cubic feet per day (bcfd) of global natural gas production.

The Middle East leads global offshore crude, condensate, and natural gas production in 2024

The latest analytical report from Global Data, ‘Global Offshore Upstream Development Outlook, 2020–2024’ suggests that in 2024, key offshore projects across the globe are expected to contribute about 26.6 million barrels of oil per day (mmbd) of global crude and condensate production and about 133.2 billion cubic feet per day (bcfd) of global natural gas production.

Among the regions, the Middle East is expected to account a third of the total liquids production or 8.7 mmbd in 2024 growing from 7.0 mmbd in 2020. South America is expected to have the next highest crude and condensate production of 4.4 mmbd in 2024, from 3.0 mmbd in 2020. The Middle East region is also expected to have the highest gas production of 58.0 bcfd in 2024, from 51.8 bcfd in 2020. Asia is expected to be next with gas production of 20.1 bcfd in 2024 from 19.1 bcfd in 2020.

Among countries, Saudi Arabia is expected to witness around 28 percent growth in 2024 in comparison with its production volume in 2020, which is around 3.3 mmbd. Brazil and the United Arab Emirates are expected to be next in line, with about 3.9 mmbd and 2.1 mmbd of liquids production in 2024, respectively. Iran is expected to have the highest global gas production of 28.4 bcfd in 2024 growing from 25.7 bfcd in 2020. Qatar is expected to be the next in line with about 16.8 bcfd in 2024.

Among the companies, in 2024, Saudi Arabian Oil Co is expected to lead with the highest crude production of 4,329.3 thousand barrels of oil per day (mbd). Petroleo Brasileiro SA, Abu Dhabi National Oil Co, and Royal Dutch Shell Plc are some of the other oil majors collectively contributing about 4,759.6 mbd in 2024. National Iranian Oil Co is expected to have a significant growth contributing 21.7 bcfd in 2024 from 18.6 bcfd in 2020. Saudi Arabian Oil Co and Qatar Petroleum are the other key players with a collective contribution of 16.7 bcfd in 2024 from 14.5 bcfd in 2020.